On Thursday the market remained range bound between the highs and lows of previous days. As it failed to recapture
the level of 5090/17050 we may confidently say that the market is still weak and may reach minimum level of 4976/
16660 or maximum 14925/16550 level in the near term. For the day our advice is to buy only on recoveries.
"Top Buy" with a medium term view - MONNET ISPAT: Cls: 372.00.
The said stock has spent nearly three months between the range of Rs.350 and Rs.410. However, as per current
formation along with volumes we can say that the stock is interpreting bullish consolidation and may break the range
on the higher side. Our advice is accumulate between the levels Rs.375 and Rs.365 with an upside target of Rs.410
and Rs.455. Positional traders can keep a stop loss at Rs.350 on a daily basis.
Market wide open interest is seen at Rs. 1,15,056 cr. Nifty witnessed significant
volatility within the range of 5000-5070.
n Nifty Dec turnaround is seen at 5070 below which we remain in negative
territory. Immediate support is seen at 5000. We advice low long aggression
below 5070 with stock specific focus. Breach of 5000 can push the
index to 4950 levels.
n Metal majors trade with a positive bias. Tata Steel remains positive above
540 for 600 on the higher side. JSW Steel remains positive above 960.
IDFC and IDBI remain positive above 150 and 124 respectively.
n Tech majors trade with a positive bias. TechM is expected to test 1050 as
it remains strong above 980 levels. Mphasis is expected to gain significantly
above 690.
n Nifty OI concentration is seen at 5000 put and 5100/5200 call options. Call
writing is seen at 5150-5200 levels while put writing is seen at 4950-5000
